Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

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Equity Bottom-Up

<ul><li>Spark New Zealand (NZX/ASX: SPK) is a telecommunications group privatised in 1990 as the former state telephone monopoly, providing mobile, broadband and IT/cloud services (“Digital Services”) across New Zealand.</li><li>Spark already ran the obvious arbitrage: between 2022 and early 2026 it sold 100% of its mobile towers and 75% of its data-centre business to infrastructure buyers at 30-34x and up to 30.8x EBITDA respectively</li><li>Banking roughly NZ$1.98bn — rich prices for passive assets a generalist telecom market was never going to pay for the whole group.</li></ul>

Spark New Zealand (NZX/ASX: SPK) is a telecommunications group privatised in 1990 as the former state telephone monopoly, providing mobile, broadband and IT/cloud services (“Digital Services”) across New Zealand.Spark already ran the obvious arbitrage: between 2022 and early 2026 it sold 100% of its mobile towers and 75% of its data-centre business to infrastructure buyers at 30-34x and up to 30.8x EBITDA respectivelyBanking roughly NZ$1.98bn — rich prices for passive assets a generalist telecom market was never going to pay for the whole group.

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

<ul><li>In today's edition: -Ask FNArena -Review All-Weather Model Portfolio -Recent Updates On Expert Views -Best Buys & Conviction Calls</li></ul>

In today's edition: -Ask FNArena -Review All-Weather Model Portfolio -Recent Updates On Expert Views -Best Buys & Conviction Calls

Rudi's View: Bega Cheese, Cettire, Harvey Norman, Sigma, SiteMinder & More

<ul><li>Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions</li></ul>

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

NEXTDC Ltd - Rudi's View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

Rudi's View: Gold stocks & Miners, DigiCo, Pinnacle & More

Rudi's View: Charter Hall, Droneshield, Pinnacle, WiseTech & More

New Zealand

Spark New Zealand Limited (formerly Telecom Corporation of New Zealand Limited) provides digital communications, entertainment and IT services over its networks and the Cloud to New Zealanders and businesses. The Company's strategy is focused on mobility, data and effortless service, and cost.

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Spark New Zealand (SPK NZ)

Monday Delight: 12/10/2026

Spark New Zealand (NZX/ASX: SPK) is a telecommunications group privatised in 1990 as the former state telephone monopoly, providing mobile,...

Contrarian Cashflows

Rudi's View: Bega Cheese, Cettire, Harvey Norman, Sigma, SiteMinder & More

In today's edition: -Ask FNArena -Review All-Weather Model Portfolio -Recent Updates On Expert Views -Best Buys & Conviction Calls

FNArena

NEXTDC Ltd - Rudi's View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

FNArena

Rudi's View: Gold stocks & Miners, DigiCo, Pinnacle & More

FNArena

Rudi's View: Charter Hall, Droneshield, Pinnacle, WiseTech & More

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

FNArena

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